Agap conference 2012   giacat consulting vietnam client case study Alliot Group Bali 2012
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Agap conference 2012 giacat consulting vietnam client case study Alliot Group Bali 2012 Presentation Transcript

  • 1. GIACAT CONSULTING AND AUDITINGVIETNAM ALLIOTT GROUP 2012 ASIA PACIFIC CONFERENCE CLIENT CASE STUDY Alliot Group 2012 Asia Pacific Conference
  • 2. GIACAT CONSULTING AND AUDITINGVIETNAM Client Case Study – Accounting Service Client •Office in Vietnam of the MNC in foods industry •This MNC is an independent public Company listed on the NYSE and became a component of the Dow Jones Industrial Average (in 2008) • Office in Vietnam of the MNC (the client) has appeared in Vietnam for 15 years. •The Client has been audited by one of the big 4 and provided accounting service by another big 4 firm. • The Client sought another provider in accounting service. 1 Alliot Group 2012 Asia Pacific Conference
  • 3. GIACAT CONSULTING AND AUDITINGVIETNAM 2 Kinds of client 2 types of accounting firm 1st category – Know little financial expertise •Do not understand the value of financial expertise of accounting firm. •Consider the accountant an extension of the long arm of the tax man •Dislike the accounting professional for telling them bad news Everyone has these clients. The more of this kind of client we have, the more we’ll be frustrated by the constant refusal of our help, having our expertise unappreciated.  However most clients of this kind can be taught to understand the importance of financial knowhow so they consider our accounting expertise valuable. 2 Alliot Group 2012 Asia Pacific Conference
  • 4. GIACAT CONSULTING AND AUDITINGVIETNAM 2 Kinds of client 2nd category – values the knowhow and expertise of accounting •Realize that the expertise of the accounting professional is the most valuable resource for the business. •Knowhow vital it is to receive accurate and timely financial information and to have an expert stand by to help with ideas. •Comprehends that their success depends on making correct decision at the right time  The client in this case study is of the 2nd category 3 Alliot Group 2012 Asia Pacific Conference
  • 5. GIACAT CONSULTING AND AUDITINGVIETNAM What the client test us in process of 10 months •Survey our accounting service with our major clients; •Require us to present in details our accounting softwares; •Compare the correlation between reports exported by our accounting software and their reports of the MNC requirements; •Reconcile the chart of accounts between two system, identify the differences and make adjustment; •Provide the report’s template of HQs to test by actual transactions; •To test our staffs who directly involved in providing service in expertise and communication skills. 4 Alliot Group 2012 Asia Pacific Conference
  • 6. GIACAT CONSULTING AND AUDITINGVIETNAM What we do in testing process •Spend a lot of time talking to clients to understand their business and their “paint points”; •Meet all requirements of client quickly, exactly; •Sharing with clients information about Vietnamese Accounting Standards (VAS), the difference between VAS and IFRS, tax, law and related regulations; •To prove our ability of solving practical problems by our service history in tax matters; •Offer a reasonable fee. 5 Alliot Group 2012 Asia Pacific Conference
  • 7. GIACAT CONSULTING AND AUDITINGVIETNAM Difficulties •Lack of trust from MNCs to local accounting firms, due to Vietnam accounting industry in its infancy (with the history of less than 20 years) •Cynical psychology of local firm in competing with big 4. •Lack of staff with world-class professionalism. 6 Alliot Group 2012 Asia Pacific Conference
  • 8. GIACAT CONSULTING AND AUDITINGVIETNAM Key to Success •Build our reputation in accounting service and tax service (we are one of the largest accounting service firms in term of revenue and client base in Vietnam); •“Word-of-mouth” is the most effective method in attracting clients; •Professionalism of staffs is crucial (but very difficult to attain); •Understand profoundly the business environment in Vietnam; •Spend a lot of time in pursueing potential clients, truly sharing expertise with potential clients; •To gain trust of clients by capabilities and characters; •Reasonable fee without compromising service quality. 7 Alliot Group 2012 Asia Pacific Conference
  • 9. GIACAT CONSULTING AND AUDITINGVIETNAM THANK YOU Alliot Group 2012 Asia Pacific Conference